Measures to be taken for sustainable development of land farming

Ulaanbaatar /MONTSAME/ An irregular cabinet meeting on Thursday issued resolution on establishing the “Mongolian farming corporation” state-run institution at the Ministry of Food and Agriculture, with a function of sustainably developing land farming industry and rendering support. Obligations were given to B.Bolor, the Minister of Finance, and to R.Burmaa, the Minister of Food and Agriculture, to approve a rule of the corporation and to organize works. In addition, the cabinet decided to allot money from the Foundation for Land Farming to establish and start these functions. With an aim to ensure normal actions of the land farming industry in 2016, the Minister of Finance B.Bolor was told to issue a credit guarantee of 50 billion Togrog to be financed by the Development Bank of Mongolia (DBM). The DBM’s Board was allowed to give the loan of 50 billion Togrog to the state-run institution. The same day, the cabinet decided to submit to parliament a draft amendment to the law on land.